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K+S chairman says board not looking to replace CEO

K+S AGChairman Ralf Bethke said the board is "very satisfied" with the workof current CEO Norbert Steiner, Reuters reported March 30.

The statement was made in response to a recent report in Germanmagazine Bilanz, which said — citing unnamed sources — that the "influentialsupervisory board members" of the company were demanding for CFO Burkhard Lohrto be made CEO due to their dissatisfaction with the business.

The German publication said the removal was anticipated priorto the company's upcoming May 11 annual general meeting.

However, Bethke noted the board will announce Steiner's successionplan once a final decision is reached as the CEO's contract expires after the annualgeneral meeting in 2017.

The German potash mining group recently said it would production atits Hattorf andUnterbreizbach miningsites from April 1, in a move that impacts 950 jobs and over 3 million tonnes ofannualized potash and magnesium production.

The company said that a period of low rainfall had reduced watervolumes in the Werra River system, preventing it from utilizing the river to disposeof tailings.

Separately, the newswire added that German prosecutors have pressedcharges against Steiner and 13 other company employees, alleging illegal waste waterdisposal. However, the court has not yet determined if the case will lead to a trial.The company said an external law firm did not find any evidence of illegal activities,according to the report.